2018-06-12

Litecoin Plunges Through $100 Line in Sand, Bitcoin Tumbles

The breakdown in Monero and Decred was the warning. Bitcoin tumbled to fresh lows although it is still above the February 6 low of $5968. Litecoin broke through the $100 line in the sand though. After that there is some support around the $50 to $60 area where it traded from June to October 2017, but after that support is around $5. That isn't to say it couldn't stabilize somewhere in between, but for now there is major downside risk if this move holds.

Looking at support levels for major cryptocurrencies, the next key level (if this dip holds) is Ethereum's support line about 11 percent below the current price. Bitcoin is 8 percent above support.